I am a Management Consultant with focus on Business Process Management, Business Agility and Innovation domains.
From my experience, I think money no longer is the sole motivation to retain an employee. I think the key factors that employees look for in today's workplaces in addition to money are:
- Job satisfaction with the tasks they do (essentially the work should help the employee realize and exploit his / her best potential)
- Constant Learning (classroom, on the job, social learning)
- Growth with added responsibilities (not just money)
- Work-life balance
- Best utilization of talents and skills with some stretch assignments that challenge them beyond day-to-day routine
- Non-work related social get-togethers etc. where the extended family feels a part of the extended organization ecosystem
Happy to hear your thoughts and discuss further, in case.